Contractors Unlimited

Statoil and ExxonMobil Jointly in Faroes

Statoil logo Statoil and ExxonMobil have agreed to explore three Faroese offshore licenses jointly.

ExxonMobil Exploration & Production Faroe Islands Limited will acquire 50% interest in Licenses 009 and 011 and 49% interest in License 006, where Atlantic Petroleum is a minority owner with 1% interest. Statoil Faroes AS will retain 50% interest and operatorship in all three licences.

"This farm-down fits well with our strategy of portfolio optimisation. I am very pleased with getting such a competent and experienced partner on board in this frontier area. Both ExxonMobil and Statoil have extensive experience in exploring in harsh environments," says Tim Dodson, executive vice president for Exploration in Statoil.

ExxonMobil logo "ExxonMobil looks forward to working together with Statoil, Atlantic Petroleum and the Faroes' authorities on this exploration opportunity," says Russ Bellis, exploration director, ExxonMobil International Limited. "We plan to apply our experience and expertise to explore this area through the application of industry-leading technologies and the highest standards of safety."

The Ministry of Industry and Trade in the Faroes has approved the transfer of parts of Statoil's stake to ExxonMobil. License 006 was awarded to Statoil in 2000 and License 009 and License 011 were awarded to Statoil in 2005.

This marks ExxonMobil's first entry into the Faroes, while Statoil has been in the Faroes since 2000 and is operator of six offshore licenses. The partnership plans to drill an exploration well early in the second half of 2011. Statoil has earlier drilled two wells offshore Faroes.

Published 01/03/2011

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Statoil (OSE: STL, NYSE: STO) is an international energy company headquartered in Norway. It has more than 35 years of experience from oil and gas production on the Norwegian continental shelf and has currently operations in 40 countries. Statoil is among the world's largest offshore oil and gas operators and is seen as a leader in technology and resource management. Statoil has 29,000 employees worldwide, and is listed on the New York and Oslo stock exchanges with a market capitalisation of approximately USD 70 billion. Equity production in 2009 was 1,962 000 boepd and booked reserves of oil and gas is reported at 5.4 billion barrels.

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